Ampol Ltd
ALD: XASX (AUS)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
A$87.00 | Zcfjz | Syhzccdt |
No-Moat Ampol Creditably Beats our Forecast in a Tough 2020; Our AUD 27.00 FVE Is Unchanged
Our AUD 27.00 fair value estimate for no-moat Ampol is unchanged. The company reported a 40% decline in underlying 2020 replacement cost net profit after tax, or NPAT, to AUD 207 million. This beat our AUD 186 million forecast by 11%, but we glean no material longer-term implications. The driver was largely lower-than-anticipated depreciation from the convenience retail segment. But a stronger-than-expected second-half turnaround from Lytton refinery also contributed.